Monday - January 19, 2009

Obama’s utter folly.  ( From the Sunday financial page of the Telegraph)

It’s all Obama all the time now.  There’s even a mens health thing in the paper and they captioned it the Obama Diet.

Man oh man do we have a hell of a lot to overcome before the next national election. 
Heard an edited version of a speech he gave this wkend on radio.  He comes over well even when he isn’t saying anything.

Obama’s utter folly

By Liam Halligan
Last Updated: 6:56PM GMT 17 Jan 2009

Barack Obama’s inauguration on Tuesday is, of course, an event of huge political and cultural significance.

For the first time, a non-white man will control the White House, sitting at the apex of power.

But, for global financial markets, the dawn of a new US administration holds major economic significance too. Anyway, that’s the hope.

Across the world – not least in the City and on Wall Street – fingers are crossed that Obama’s new stimulus plan, worth a staggering $800bn over two years, will rescue the global economy.

Last week, the Congressional Budget Office projected that even without this package, the US budget deficit will hit $1,200bn this year – or 8.3pc of national income. Such a massive gap between spending and taxation already amounts to an unprecedented fiscal stimulus.

Cranking up spending even more is the last thing the US should do.

Excessive government largesse is never a good idea. The demand boost takes time, the inefficiencies are enormous and the scope for cronyism bigger still.

But turbo-charged state spending is especially bad in a country facing massive demographic pressures, with a fragile currency and already servicing debts equal to a mind-boggling 368pc of GDP.

I wish Obama well, but his plan is utter folly.
FOLLY

Posted by peiper     on 01/19/2009 at 06:57 AM   
Filed Under: • Finance and Investing • Obama, The One •  
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